Course Outline

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Economics 3002

Intermediate Macroeconomics

Fall 2010

Instructor: Paul Hancock

MR 2:30



This course is a follow
-
up to Introductory Macroeconomics (ECO 2002). Building on the
background students received in the introductory course, we will move beyond the
m
ainstream explanation of macroeconomic phenomena and concentrate on a heterodox
(or radical) set of theories that seek to explain inflation, unemployment, growth,
investment (the financial sphere generally), globalization and economic crises among
other to
pics.


The key difference between mainstream and heterodox theory is that the former relies
upon a utility
-
maximizing model of human behavior while the latter recognizes the
importance of social classes and the disproportionate power possessed by the capi
talist
and laboring classes.


Required Book
:


Jonathan Goldstein and Michael Hillard,
Heterodox Macroeconomics


Other Readings
:


Neva Goodwin et al,
Macroeconomics in Context


Slovaz
Žižek,
Living in the End Times


David Laibman,
Capitalist Macrodynamics


Samuel Bowles et al,
Understanding Capitalism: Competition, Command, and Change



Course Requirements:
There will be two class papers, several quizzes and an end
-
of
-
the
-
semester essay
. Regular short writing assignments will be given in response to
questions drawn from the readings and current issues drawn from economic news (“I read
the news today, oh boy!”). All written work should be typed, double
-
spaced with correct
grammar, citatio
ns and work cited format.








Course Outline


Heterodox Economics and Orthodoxy



A.

Introduction (Aug. 30


Sept. 9)


Goodwin et al, pp 14
-
19; 294
-
325 (library reserve)

Hayes, Christopher, “Hip Heterodoxy” The Nation, June 11, 2007 (on reserve and
avail
able at
http://www.thenation.com/article/hip
-
heterodoxy
)


Lee, Frederic, “Predestine to Heterodoxy or How I became a Heterodox
Economist” (on reserve or available at
http://cas.umkc.edu/econ/economics/faculty/Lee/docs/predestine.htm
)


Writing assignment 1: After reading Philip Mirowski’s column in the Hedgehog
Review (
www.iasc
-
culture.org/publications_article_2010_Summer_mirowski.php
)
find a recent article in the NY Times, the Economist, Financial Times or the Wall
Street Journal that addresses or makes reference to the “
economics profession” or
economists generally. Write a few paragraphs outlining how the article treats
economists


with respect, contempt or somewhere in between


and where the
columnist suggests we turn for advice. Does the writer lean towards a Keynesi
an or
classical (monetarist, rational expectationist) explanation of the current crisis?



B.

Mainstream Macroeconomics (Sept. 13


Sept. 20)



Bowles, Edwards and Roosevelt, Ch. 4, pp. 80
-
83 (on library reserve)

Keynes, J.M.
Essays in Persuasion
(selected c
hs on reserve)


Video: “J.M. Keynes: What Did We Learn from the Great Depression?”
(“Economics, U.S.A.” series)


Bowles, Edwards and Roosevelt, Chs. 16, 17, and 18


Quiz 1

Sept. 20




C.

What is Heterodox Macroeconomics? (Sept. 23


Sept. 27)


Goldstein a
nd Hillard, pp xviii


35





D.

Toward a Unified Heterodox Macroeconomics (Sept. 30


Oct. 7)



Goldstein and Hillard, Chs. 3
-

4



Writing Assignment 2
: Watch a national news program (Sunday talk shows, the
PBS Newshour or Fox News, for example) during whic
h an economist is interviewed
about the causes of the current crisis and what actions (if any) should be taken by the
government to address them. Write a comparative analysis (a few paragraphs) of his/her
views and those of the authors of the course textbo
ok.


October 8
-
13 Fall Break


E.

Heterodox Crisis Theory (Oct. 14
-
18)


Goldstein and Hillard, Chs. 5

6



Quiz 2

October 18



F.

Firm
-
level Decisions and Chronic Instability (Oct. 21

25)


Goldstein and Hillard, Chs. 7


8


October 25

Class Paper 1
: List
en to both these interviews with economists from the left and
the right political spectrum (i.e. heterodox and orthodox) talking about what is
necessary to get the economy moving again. The first is Robert Pollin of the
Political Economy Research Institute

and the second is an interview with two
economists from the Hoover Institution, a conservative think tank at Stanford.
After you’ve listened to both interviews write a 5
-
page typewritten paper in which
you make sense of the different perspectives. First,
think about the assumptions
the economists seem to be making regarding how a market economy works.
Secondly, discuss some key differences that stand out in the description of the
state of the country’s (the world’s) economy, then discuss the different solu
tions
each of the economists propose to the crisis. Lastly, provide a brief critique that
integrates some of the readings you have read for this class.



www.peri.umass.edu/realnews

(June 20
10


scroll down to it)



www.youtube.com/hooverinstitution#p/u/O/T7tCWAdf3hc



G.

Was it Financialization or Real Sector Profit Declines that set up the Current
Crisis? (O
ct. 27
-
Nov. 1)


Goldstein and Hillard Chs. 9
-
10


Quiz 3

Nov. 1



Globalization in the Neoliberal Era


is Neoliberalism Dead?




H.

Capital
-
Labor Struggles in the Keynesian and Neoliberal Period (Nov. 9
-
20)


Goldstein and Hillard Chs. 12, 14


Writing

Assignment 3: TBA


Thanksgiving Recess (Nov. 21
-
25)


I.

Regulation Versus Neoliberal Laissez Faire Policy Comparisons (Nov. 27)


Goldstein and Hillard Ch. 13




Nov. 26


Class Paper 2:
Watch the Charlie Rose interview (DVD on library reserve) an
d
find an article on government macroeconomic policy on
The Wall Street Journal
editorial
page or that of
The Financial Times
. Evaluate the differences between the Marvey/Wolf
positions and those expressed in the article you chose in light of the material
in Chapter
13.



J.

Is Arrighi Emmanuel Really Dead? Unequal global exchange revisited (Nov. 30

Dec 4)


Goldstein and Hillard Ch. 15
-

16



Quiz 4



The Policy Battle: Is Another World Possible?



K.

Keynes and Capital Controls (Dec. 7
-
Dec. 11)


Goldstein an
d Hillard Chs. 17, 18, 19



Writing Assignment: TBA


L.


The Global Financial Crisis: Who is Right, What is in the Future? (Dec. 9)


Goldstein and Hillard Ch. 20

Final Essay: TBA